Headline

Oil Prices Jump As Hamas-Israel Attacks Fuel Supply Fears

Published

3 years ago

October 9, 2023

Israel, reeling from the deadliest attack in half a century, formally declared war on Hamas Sunday as the conflict’s death toll surged above 1,000 after the Palestinian militant group launched a massive surprise assault from Gaza.

Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East.

The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia’s output cuts.

It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions.

The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran.

“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” said ANZ Group’s Brian Martin and Daniel Hynes.

“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”

Both main contracts surged more than five percent in early Asian business before easing back as the day wore on.

However, SPI Asset Management’s Stephen Innes warned: “Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises.

“Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilises.

“But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario.”

A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars.

The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows.

Gold, another key haven, gained around one percent.

Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy.

There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose in shortened trade, having been closed in the morning owing to a typhoon.

Sydney and Jakarta eked out gains. Tokyo was closed for a holiday.

London edged up while Paris and Frankfurt were lower.

The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing.

The “Goldilocks” figures — neither too strong nor too weak — lifted optimism the world’s top economy can avoid a recession even as the Federal Reserve keeps rates elevated.

Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target.
AFP

Headline

‘Pioneer Of Cable TV News’: Key Facts About CNN Founder, Ted Turner

Published

1 week ago

May 9, 2026

Editor

Ted Turner, the media businessman who founded CNN died at the age of 87. He died peacefully on Wednesday, surrounded by family, according to Turner Enterprises.

Contents

Launched 24-hour news television

Built a media network

Expanded through sports

Recognition and influence

Philanthropy and global causes

Environmental efforts

Health and later years

Early career path

Leadership and legacy

Personal life

Exit from business

Family

Below are key facts about his life and impact:

Launched 24-hour news television

Turner founded CNN on June 1, 1980, introducing the first 24-hour news channel and changing how audiences follow global events.

Built a media network

He moved from billboards into broadcasting, turning an Atlanta TV station into a national superstation in 1976. His business later grew to include CNN International, TNT, Turner Classic Movies and Cartoon Network.

Expanded through sports

Turner invested in sports broadcasting and owned teams including the Atlanta Braves and the Atlanta Hawks, using television to reach wider audiences.

Recognition and influence

In 1991, he was named Time magazine’s Man of the Year for his role in shaping modern news coverage.

Philanthropy and global causes

He founded the United Nations Foundation and supported campaigns against nuclear weapons. In 1997, he pledged $1 billion to the United Nations.

Turner supported conservation work, including reintroducing bison in the United States, and backed environmental education through the “Captain Planet” cartoon.

Health and later years

In 2018, Turner revealed he had Lewy body dementia. He also recovered from a mild case of pneumonia in early 2025.

Early career path

He took over his father’s billboard company at 24 after his father’s death and later expanded into radio and television, despite limited experience in journalism.

“I worked until 7 o’clock, and when I got home the news was over,” he once said. “So I missed television news completely. And I figured there were lots of people like me.”

Leadership and legacy

“Ted was an intensely involved and committed leader, intrepid, fearless and always willing to back a hunch and trust his own judgement,” Mark Thompson, Chairman and CEO of CNN Worldwide, said in a statement. “He was and always will be the presiding spirit of CNN. Ted is the giant on whose shoulders we stand, and we will all take a moment today to recognize him and his impact on our lives and the world.”

Personal life

Turner married actress Jane Fonda in 1991, and they later divorced after 10 years, though they remained close.

“I would never love anyone like I love him,” she said. “But I just couldn’t keep moving in his world, along the surface for the rest of my life. I knew that I would get to the end of my life and regret not doing the things that I also needed to do for me.”

Exit from business

He sold his company to Time Warner in 1996 and later stepped away following its merger with AOL.

Reflecting on his life, Turner once said: “I lost Jane. I lost my job here. I lost my fortune, most of it. Got a billion or two left. You can get by on that if you economize.”

Family

He is survived by his five children, 14 grandchildren and two great-grandchildren.

Headline

Iran’s Nationwide Internet Shutdown Hits 70 Days

Published

1 week ago

May 9, 2026

Editor

NetBlocks, a monitoring group, has disclosed that an internet shutdown enforced by the Iranian regime has entered its 70th day, severing key access from swathes of the population under the shadow of war.

NetBlocks reported on Friday that the blackout has now surpassed 1,656 hours, marking more than two months since US-Israeli strikes pounded Tehran and escalated across the Middle East.

“Digital connectivity is vital in times of crisis,” NetBlocks said in a post on X. “Limiting service harms those most in need – people with disabilities, students, small businesses and the general public.”

According to CNN, Iran imposed a separate internet shutdown on the country’s 92 million people earlier this year, when it launched the most lethal crackdown on anti-government protesters since the Islamic Republic’s founding 47 years ago.

CNN further reports that the latest blackout has cut off another potential lifeline for Iranian residents faced with high unemployment and economic pressure exacerbated by the US-Israeli campaign.

(CNN)

Headline

Gas Prices In US Edge Down After Two Weeks Of Increases

Published

1 week ago

May 9, 2026

Editor

The cost of a gallon of regular gas in the United States (US) has edged down a little more than a penny to $4.55.

According to AAA’s readings, this marks the first decline in the average gas price after 15 straight days of increases.

The decline is minuscule compared to the large increases in gas prices over the last two weeks.

According to CNN, gasoline costs rose an average of nearly 4 cents a day during that period and had several daily increases of between 7 and 9 cents.

Also Read: Trump insists US-Iran ceasefire intact despite recent exchange of fire

CNN also reports that based on past gas spikes, it will likely take weeks for gas prices to get down below $4 a gallon.

The report, however, states that a previous two-week stretch of gas price declines only shaved 14 cents off the average price, taking the average price to $4.02, before the recent 15-day run of increases.

According to CNN, it could take months for the average price to fall below $3 per gallon, as it did before the war in Iran.

CNN further reports that only one state – Oklahoma – now has an average price of less than $4 a gallon, and its average stands at $3.98. California has the highest average price at $6.16.

(CNN)